Sarama Resources

ANDREW DINNING

MANAGING DIRECTOR

(ASX:SRR)

◾ Company Name: Sarama Resources ◾ Company ASX code: SRR ◾ Key Commodities: Gold ◾ Key Personnel: Andrew Dinning, Managing Director | Simon Jackson, Non-exec Chairman ◾ Locations: Houndé Belt, Burkina Faso in West Africa ◾ Market Cap as of 15/08/22: $5.66M ◾FY22 Share price range – Low/High: $0.135 / $0.225 ◾ Company Website: saramaresources.com

COMPANY PROFILE

Sarama Resources is a West African focused gold explorer and developer with substantial landholdings in south-west Burkina Faso.

The company has a multi project exposure in the country, including the flagship Sanutura Project.

Sanutura is a large land package covering 1420 square kilometres with a large resource located on the Houndé Belt.

The Houndé Belt is the most prolific gold belt in Burkina, and one of the most prolific gold belts in West Africa.

It is home to three large operating gold mines owned by TSX/LSE-listed Endeavour Mining and TSX-listed Fortuna Silver.

Sarama controls around a 70km length of the Belt, the landholding is highly strategic, with Endeavour Mining projects adjoining to the north and west and 4 million ounces of gold already discovered within a 6km radius of its own multi-million ounce Tankoro Deposit.

Despite these substantial deposits, the Belt remains relatively under-explored, demonstrated by the recent discoveries at Endeavour Mining’s Golden Hill and Houndé Projects located not far from the Tankoro Deposit.

Sarama’s focus for the next 12 months is to materially grow the current c1Moz oxide resource via its 50,000m drill program at Sanutura which currently has a pit-constrained mineral resource of 2.9Moz Au, including 0.6Moz at 1.9g/t in the indicated category, and 2.3Moz at 1.4g/t Auinferred.

At this stage, the company has completed over 20,000m of shallow drilling including ~4,000m of reverse circulation drilling, and ~16,000m of air core drilling.

Despite the substantial resource, there’s still a lot of exploration runway left in the Project with further drilling programs planned for the high-priority Bondi, Zanawa and Bamako 2 prospects.

The value of Sarama is underpinned by its substantial and growing resource and the large and highly strategic 100% owned land package that it holds in this prolific belt.

Apart from Sanutura, the company also owns a stake in the adjoining Karankasso Project and nearby Koumandara Project.

The Karankasso Project is a joint venture situated adjacent to Sanutura and covers approximately 750km2. Samara holds an approximate 18% interest, with its partner Endeavour Mining being the operator.

An updated mineral resource estimate of 709koz @ 1.7g/t Au for Karankasso was published in February 2020, and further exploration work has been undertaken since then.

Meanwhile, the 100% owned Koumandara Project covers 467km2, and is situated in the northern Banfora Greenstone Belt, approximately 80km west of Sanutura.

The Banfora Belt remains very underexplored and Sarama has assembled a significant land position on the highly prospective eastern margin of the belt.

Historical scout drilling at Koumandara has delivered some very encouraging results including; 4m @ 10.6g/t Au, 7m @ 6.9g/t Au, 15m @ 1.8g/t Au, 13m @ 2.9g/t Au, 17m @ 1.2g/t Au and 3m @ 8.9g/t Au.

Sarama is being led by a very experienced management team. CEO Andrew Dinning was previously President of Moto Gold Mines which found the 22Moz Kibali gold deposit in the DRC – a company which was acquired by Randgold and AngloGold Ashanti for US$600 million in 2009.

He has 35 years’ experience in operations, exploration, feasibility & development, international capital markets and M&A, in Africa, Russia, and Australia.

KEY INVESTMENT HIGHLIGHTS

SANUTURA PROJECT: 0.6Moz @1.9g/t (Ind) & 2.3Moz @1.4g/t (Inf) Au pitconstrained resource. KARANKASSO PROJECT JV(18%): 709koz @ 1.7g/t Au (Inf) pit-constrained resource. KOUMANDARA PROJECT: Gold anomalies measuring 25km x 3-5km, highgrade scout drilling.